According to customs data, in september 2025, our transformer exports amounted to $5,381 million, an increase of 14. 06 per cent over the ring and an increase of 60. 40 per cent over the same period, a rise in the size of exports in recent years and a marked acceleration over august, continuing the high trend。
This is mainly due to the greater impact on traditional grid equipment as the computing, ai and new energy industries flourish. The importance of transformers, as the critical infrastructure for connecting power sources, grids and loads, to achieve the physical core of safe, efficient, accurate transmission and distribution of electricity, is self-evident。
So let's look at four small companies in the domestic transformers field, see what their strengths, their bright spots are and who has great potential for development。
Electrical observation
Advantages: the company is the only enterprise in the country that can access the entire industrial chain of silicon steel-turkishers, which leads to a significant reduction in the self-supply capacity of silicon steel, low empty losses of non-crystal alloy transformers up to 0. 5 kw, and adequate data centre energy efficiency needs。
Bright spots: the company successfully cut into the high-end electricity transformer market at 220 kv and above through the acquisition of cloud-to-electricity. Its subsidiary, the auto-characterized power transformer of cloud-to-wire electrical and autonomous development, passed full certification at the international authority kema laboratory in the netherlands in 2025。
Igor
Advantages: the company is the main transformer of the photovoltaic transformer package, with a deep-seated balconium, solar power, 98. 5 per cent conversion efficiency and 72 per cent energy products. At the same time, the company, as the sole supplier of the al-panama power transfer transformer, has over 70 per cent of the domestic market。
Bright spots: the company's new energy transformers are core components of photovoltaic and grid-connected systems that are efficient, stable, adaptable to adverse circumstances and have successfully entered major markets such as the united states, japan and the european union。
Tripletech
Advantages: the company is mainly involved in the production and marketing of transformers, and the products include 12 major categories, including oil-impregnated electric transformers, resin insulation transformers and more than 1,600 specifications. These products are widely used for electricity conversion and transmission。
Bright spots: the company's ability to develop electrical transformers of 500 kv class and below, as well as its participation in the revision of national and industry standards, mark a gradual increase in its competitiveness and influence in the area of ultra-high voltage transformers。
Double jack electric
Advantages: companies are mainly engaged in smart electrical equipment and new energy. Its intelligent electrical equipment operations cover transmission and distribution equipment and control systems below 40. 5 kv, with products such as ring cabinets, pole switches, high pressure switch cabinets, and, in particular, solid insulation ring switches, which are leading the domestic market。
Bright spots: the company has been working hard on the offshore electrical equipment market for a long time, has successfully extended its operations to other parts of europe and australia, is actively promoting access to new products, such as new energy intelligence equipment and transformers, and is now receiving ul certification to support subsequent exports to north america。
After learning about the strengths and bright spots of the four companies, we look at their latest financial performance and who has greater development potential. Here i will use the classic dupont analysis to see who has greater development potential by dismantling the three indicators of roe。
Roe = net interest rate on sales* equity multiplier* total asset turnover
Dismantling of the profitability index — net interest rate on sales
The net rate of interest on sales is the net amount earned by an enterprise for every $100 sold。
In recent years, net interest rates for double-jay electrical power have increased most。
In the first three quarters, 4. 94 per cent of igor's profitability was greatest, which meant that the company would earn almost $5 net for every $100 earned; the second was double-joy electrical, triple-tech, electrical。
The profitability ranking is: igor。
Redismantling financial leverage indicator — equity multiplier
The equity multiplier refers to the financial leverage used by the enterprise。
In recent years, there has been the most significant increase in the financial leverage of the two electrical appliances。
In the first three quarters, the highest financial leverage was 4. 579 times greater than dual-judgment electrical, followed by electrical transformation, triple-change technology, igor。
The financial leverage rankings are: double-jet electrical, three-change technology, igor。
Final dismantling of operational capacity indicator - total asset turnover rate
The total assets turnover rate refers to the number of turnovers of the total assets of the enterprise during the year and to the operational capacity of the enterprise。
In recent years, the increase in the overall asset turnover rate for three-way technologies has been most pronounced。
In the first three quarters, the fastest rate of asset turnover was 0. 557 in triple technologies, followed by igor, bijay electric and visual electrical。
The operating capacity ranking is: triple change technology, igor, double-jighurt electrical, transient electrical。
A combination of three indicators, ranking and structural analysis of four companies ' roe
Number one, double-joke electrical: (roe≈7. 85 per cent), net sales rate 2, total asset turnover rate 3, equity multiplier 1. Corporations rely on high financial leverage and high net interest rates, making roe first
Second, igor: (roe ≈ 5. 25 per cent), net sales rate no. 1, total asset turnover rate no. 2, equity multiplier no. 4. The company had the highest net sales interest rate of four, but was the second-highest after the two-jay electrics, with low financial leverage
Third, triple technologies: (roe≈4. 73 %), sales net interest rate no. 3, total asset turnover rate no. 1, equity multiplier no. 3. While the company had the highest turnover of total assets, net interest rates differed significantly from igor, ultimately making roe third
Fourth place, approximation to electrical: (roe≈3. 59 %), sales net interest rate no. 4, total asset turnover rate no. 4, equity multiplier no. 2. The company is ranked bottom by low net interest rates and low total asset turnover。
Let's see which company in the transformer industry
